General Assembly Returns Next Week
The Illinois House is back in session in Springfield next Tuesday, Wednesday, and Thursday with a lot of work to do. You can see the full House schedule here, and, as always, watch the action live on session days here.
Illinois Once Again Faces Rising Gas Prices
The average price of gasohol, the highest-volume motor fuel in Illinois, has jumped 26.4 cents per gallon over the past month. Market watchers pointed towards the annual transition from ‘wintertime blends’ to the more expensive motor fuel mixtures that are required to be sold in Illinois’ two largest consolidated metro areas, Chicago and St. Louis, during the warmer months.
Illinois and its local governments also lay significant tax supplements on the cost of motor fuel. The ‘gas tax’ and associated sales taxes and levies pay for highway and bridge construction and maintenance, for the operations of mass transit systems, and for the operating costs of State and local government.
$1 Billion in Tax Increases are Major Sticking Points in the Governor’s Proposed Budget
Gov. Pritzker’s FY25 budget proposal called for close to $1 billion in new taxes on residents and businesses in the state, including continuing the inflation-ignoring cap that has “decoupled” the income tax standard deduction, utilized by almost all Illinois taxpayers, from inflation If enacted into law this decoupling will, in FY25, take an estimated $93 million from the pockets of hardworking Illinois families.
The Governor also proposed changes to the how much net operating losses businesses will be able to deduct on their taxes in tax year 2025. This change is expected to increase the tax liability of Illinois businesses by $526 million in FY25. The proposed Pritzker budget also includes a $200 million tax increase to be imposed on earnings from sports wagering. The Governor’s proposed tax increases, if enacted, will be imposed on top of continuing increases in local property tax bills. Illinois is already ranked 9th overall as one of the 10-worst states in the nation with regards to overall tax burdens.
We’re #1!
When it comes to agriculture, Illinois has some bragging rights. In fact, our state is the number one producer of soybeans, pumpkins, and horseradish in the nation!
Invest in Veterans Week- March 1-7
Invest in Veterans Week honors the aspiring and established businesses owned by veterans of our armed forces. This week (and every week!) is a great time to support your favorite veteran-owned business!